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Energy & IT stocks lift markets
Mon, 13 Jan 11:30 am

After opening positively, the Indian indices are trading strongly in the green in the morning session. The buying interest is highest in energy and software stocks. The selling pressure is focused in Pharma stocks.

The BSE-Sensex is trading up 278 points and the NSE-Nifty is trading up 74 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 61.51 to the US dollar.

Most telecom stocks are trading higher today. Idea Cellular and Reliance Communications are among the stocks leading the gainers. According to news reports, Indian telecom firms are reportedly not too worried about the Comptroller and Auditor General (CAG) auditing their books. The reason is that the CAG will limit its audit to revenue collection and will not audit the operational aspects of the firms. The high court had allowed the CAG to audit private telcos recently. The companies are not worried about it because the audit will not encompass any other aspect other than the way the firms earn their revenue. The revenue stream is easily verifiable for these companies as payments are transparent in nature.

Automobile stocks are currently trading mixed. TVS Motors is trading firm, while Bajaj Auto is in the red. As per a leading business daily, Hero MotoCorp plans to have two-wheeler exports in 20 new markets by March 2014 as its short term goal. For this it plans to have at least four operational assembly plants globally. It had earlier made an ambitious plan to have presence in 50 new international destinations by 2020 and with a goal of 20 manufacturing facilities across globe. It had also set a target to achieve turnover of Rs 600 bn by 2020. Further the company is hoping to corner 10% of the market by 2020. Hero MotoCorp has been escalating its global expansion and by first quarter of 2014 plans to cater to Ethiopia, Turkey and Nicaragua in Central America. It may be noted that the company had outlined a capex of Rs 11 bn for FY14, large part of this is expected towards setting up its plant at Neemrana which is expected to commence production by the end of the fiscal. The stock of Hero MotoCorp is trading marginally higher today.

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